Two-Building Multifamily
4006 Memorial Boulevard Unit 1 Kingsport, TN 37664
For Sale
$425,000
Investment property with two buildings and seven units, featuring garage workshop and an unfinished basement for on-site storage.
Property Size4,045 SF
Price / SF$105.07
Days on Market85
Property Features for 4006 Memorial Boulevard Unit 1
General Information
Standard status
Active
Size
4,045 SF
Property subtype
Multi Family / Multi Family
Building Details
Year Built
1947
Listing Agency:
CENTURY 21 Legacy Fort Henry
(423) 335-3937
Listed By:
Abigail Weaver · License #357811
(423) 335-3937
Source:
Compass
Added: May 6
Changed: Jul 22
Last Checked: Jul 29 at 12:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 Legacy Fort Henry
Investment Insights
Based on property information with market context.
This for-sale investment property includes two buildings totaling seven units. The buildings offer storage options on site, including an unfinished basement and a garage workshop. Several capital and unit-level items are already in motion, including remodeling in process in two vacant units.
The property is sold with both parcels 062C E 017.00 and 062C E 018.00, and includes a 2-year-old metal roof on Building 2 and a 5-year-old metal roof on Building 1. The seller also notes some plumbing and electrical updates. The current tenancy is described as having a good rental history.
In the seller’s remarks, the property is positioned to generate immediate rental income and has additional land for further development and adding more units.
The property is sold with both parcels 062C E 017.00 and 062C E 018.00, and includes a 2-year-old metal roof on Building 2 and a 5-year-old metal roof on Building 1. The seller also notes some plumbing and electrical updates. The current tenancy is described as having a good rental history.
In the seller’s remarks, the property is positioned to generate immediate rental income and has additional land for further development and adding more units.
Key Highlights
- Investment property with two buildings and seven units, with estimated 8.7% cap rate at full capacity (buyer to verify).
- Includes an unfinished block/concrete basement with exterior entry plus a garage workshop for on‑site storage.
- Metal roofs: Building 2 has a metal roof noted as 2 years old; Building 1 has a metal roof noted as 5 years old.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.4k | $13.44 |
| − Vacancy | −$3.0k | −$0.74 |
| EGI | $51.4k | $12.70 |
| − OpEx | −$23.1k | −$5.72 |
| NOI | $28.3k | $6.99 |
4,045 SF · lease $13.44/SF/yr · vacancy 5.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$403.7K
$353.2K – $470.9K
NOI $28,256 @ 7.0% cap · market cap 6.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.33M – $1.77M
NOI $106,035 @ 7.0% cap · market cap 24.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Investment property with two buildings and seven units, featuring garage workshop and an unfinished basement for on-site storage.
Where is this apartment building located?
The property is located at 4006 Memorial Boulevard Unit 1 Kingsport, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Investment property with two buildings and seven units, with estimated 8.7% cap rate at full capacity (buyer to verify).; Includes an unfinished block/concrete basement with exterior entry plus a garage workshop for on‑site storage.; Metal roofs: Building 2 has a metal roof noted as 2 years old; Building 1 has a metal roof noted as 5 years old.
